Financial Analysis Depreciation Demystified Assessment

Assignment Task

Introduction

• Calculate the amount of accumulated depreciation on each machine at December 31, 2003. (Round your answer to the nearest dollar.)
• Early in 2003, the company reviews the remaining useful life and residual values for the machines. The useful life for Machine 1 is now expected to be a total of eight years. The residual value of machine 2 is revised to $20,000 and the total machine hours for Machine 3 is revised to 40,000. What would be the depreciation expense for the machines in 2003? (Hint: you have to calculate the balance left to be amortized and the remaining useful life; e.g., for machine 3 the number of hours expected excluding the first two years.) (Round your answer to the nearest dollar.)

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